Market Overview - On July 22, the Hang Seng Index rose by 136 points or 0.5%, closing at 25,130 points, stabilizing above the 25,000 mark[1] - The Hang Seng Tech Index increased by 0.4%, closing at 5,606 points, indicating a healthy bullish trend with orderly upward movement and increased trading volume[1] - The total market turnover reached HKD 266.1 billion, maintaining an active level, with a net inflow of HKD 2.72 billion through the Hong Kong Stock Connect[1] Sector Performance - Cyclical high beta sectors performed notably, with sub-sectors such as non-ferrous metals, materials, engineering machinery, electricity, food and beverage, and shipping showing strong upward momentum[1] - The prices of major commodities rose significantly, with coking coal and polysilicon futures increasing by 5.9% to 9.0%, directly boosting related stocks[1] - Key stocks like China Shenhua (1088 HK), Ganfeng Lithium (1772 HK), and Tianqi Lithium (9696 HK) surged between 4.8% and 8.9%[1] Economic Indicators - The yield on China's 10-year government bonds rose to 1.68%, showing signs of stabilization, which is favorable for stock market performance[1] - The risk premium for the Hang Seng Index has approached a seven-year historical low, with a forecasted PE ratio of 10.8 times, indicating potential support for the overall market performance[2] Industry Developments - AI sector: UBTECH (9880 HK) announced a placement of 30.15 million new shares, expanding its share capital by 6.4%, raising HKD 2.41 billion for business operations and loan repayment[3] - The electronic sector is set to benefit from the launch of the Yarlung Tsangpo River downstream hydropower project, with expected installed capacity of 60GW-70GW, equivalent to three Three Gorges dams[3] Real Estate Insights - New home transaction volume in 30 major cities reached 1.23 million square meters, down 21.7% year-on-year, but better than the previous week's decline of 24.9%[6] - The inventory-to-sales ratio for major cities increased to 105.7, up from 102.2 year-on-year, indicating a growing supply relative to sales[8] - The land transaction volume in 100 major cities fell by 62.9% year-on-year, reflecting a significant slowdown in real estate activity[9]